China’s Shipbuilding Sector Sees Significant Growth With Rise In Vessel Deliveries And New Orders

The Chinese shipbuilding industry witnessed new vessel orders surge 49.5% yearly during the first five months of this year, official data revealed.

New orders, a significant indicator of the larger shipbuilding industry, were standing at a deadweight of 26.45 million tons (DWT) during the five-month phase, with a worldwide market share of 67.3%, per statistics released by Beijing’s China Association of the National Shipbuilding Industry.

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The nation’s shipbuilding output rose by 15.4% every year to 16.47 million DWT from January to May. This accounted for 48.1% of the world’s total.

By May end of this year, the holding orders in the sector summed up to 117.99 million DWT, up 15.5% year-on-year, thereby claiming a whopping 51.6% of the world’s market share.

References: China Daily, China, org.cn

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